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Reform Of The Auditing Industry

EDM number 727 in 1991-92, proposed by Austin Mitchell on 20/02/1992.

That this House has no confidence in either the standards or the regulation of the auditing industry in the light of the rising tide of financial scandals such as Maxwell, BCCI, Polly Peck, British and Commonwealth, Levitt and Barlow Clowes, and the incidence of companies going bust shortly after receiving clean audit reports such as Coloroll, Parkfield, Sound Diffusion, Air Europe, Mint and Boxed and Dunsdale; deplores the fact that where auditors should act to protect and warn the public and shareholders too many have been drawn into a collusive relationship with directors by their desire to sell non-auditing services to firms; feels that the kind of passive auditing encouraged by the professional bodies is no longer adequate as a protection for shareholders or a defence against fraud; notes that while large firms such as Price Waterhouse, Coopers and Lybrand, Deloitte, Ernst & Young, Peat Marwick McLintock, Grant Thornton,and Pannel Kerr Foster have all been criticised for their audit work by Department of Trade and Industry inspectors, none of them has ever been investigated by the accountancy bodies nor has any partner of any major firm involved in audit failures been prosecuted or debarred; therefore suggests that self regulating means regulation by trade association, which can protect neither the public nor shareholders, so that the auditing industry should be indpendently regulated; and urges the Government to make early proposals for this.

This motion has been signed by a total of 73 MPs, 1 of these signatures have been withdrawn.

Austin Mitchell20/02/1992Great GrimsbyProposed
Richard Caborn20/02/1992Sheffield CentralSigned
Robin Corbett20/02/1992Birmingham, ErdingtonSigned
Dennis Skinner21/02/1992BolsoverSigned
Bob Cryer21/02/1992Bradford SouthSigned
Harry Barnes21/02/1992North East DerbyshireSigned
Bill Michie24/02/1992Sheffield, HeeleySigned
Tony Banks24/02/1992Newham North WestSigned
Derek Enright24/02/1992HemsworthSigned
Frank Cook24/02/1992Stockton NorthSigned
Alan Meale24/02/1992MansfieldSigned
Ian McCartney24/02/1992MakerfieldSigned
Charles Kennedy24/02/1992Ross and Cromarty and SkyeSigned
Doug Hoyle24/02/1992Warrington NorthSigned
Brian Sedgemore24/02/1992Hackney South & ShoreditchSigned
Robert Parry24/02/1992Liverpool, RiversideSigned
Ashok Kumar25/02/1992LangbaurghSigned
Mike Watson25/02/1992Glasgow CentralSigned
Jack Thompson25/02/1992WansbeckSigned
Gerry Bermingham25/02/1992St Helens SouthSigned
John Battle25/02/1992Leeds WestSigned
Win Griffiths25/02/1992BridgendSigned
Norman Godman25/02/1992Greenock and Port GlasgowSigned
John Evans25/02/1992St Helens NorthSigned
Jimmy Dunnachie25/02/1992Glasgow, PollokSigned
Terry Davis25/02/1992Birmingham, Hodge HillSigned
Denzil Davies25/02/1992LlanelliSigned
Ronnie Campbell25/02/1992Blyth ValleySigned
Keith Bradley25/02/1992Manchester, WithingtonSigned
Eddie Loyden25/02/1992Liverpool, GarstonSigned
Terry Patchett25/02/1992Barnsley EastSigned
Huw Edwards26/02/1992MonmouthSigned
Dennis Turner26/02/1992Wolverhampton South EastSigned
Edward O'Hara26/02/1992Knowsley SouthSigned
Alice Mahon26/02/1992HalifaxSigned
Terry Lewis26/02/1992WorsleySigned
Eric Illsley26/02/1992Barnsley CentralSigned
Chris Mullin26/02/1992Sunderland SouthSigned
Joyce Quin27/02/1992Gateshead EastSigned
Alexander Eadie27/02/1992MidlothianSigned
Tommy Graham27/02/1992Renfrew West and InverclydeSigned
Harry Cohen28/02/1992LeytonSigned
John McAllion02/03/1992Dundee EastSigned
Bruce Grocott02/03/1992Wrekin, TheSigned
David Clelland02/03/1992Tyne BridgeSigned
William McKelvey02/03/1992Kilmarnock & LoudounSigned
Harriet Harman02/03/1992PeckhamSigned
Ernie Ross02/03/1992Dundee WestSigned
Ken Livingstone03/03/1992Brent EastSigned
Michael Carr03/03/1992Ribble ValleySigned
Kevin Barron03/03/1992Rother ValleySigned
Audrey Wise03/03/1992PrestonSigned
Tony Worthington03/03/1992Clydebank & MilngavieSigned
Roy Hughes04/03/1992Newport EastSigned
David Blunkett04/03/1992Sheffield, BrightsideSigned
Joan Lestor04/03/1992EcclesSigned
Jim Cousins04/03/1992Newcastle upon Tyne CentralSigned
John Cummings05/03/1992EasingtonSigned
Frank Doran05/03/1992Aberdeen SouthSigned
Nigel Spearing06/03/1992Newham SouthSigned
Joe Ashton06/03/1992BassetlawSigned
Barry Sheerman09/03/1992HuddersfieldSigned
John McFall10/03/1992DumbartonSigned
David Lambie10/03/1992Cunninghame SouthSigned
Martyn Jones10/03/1992Clwyd South WestSigned
Peter Pike11/03/1992BurnleySigned
Tony Lloyd11/03/1992StretfordSigned
Joan Walley11/03/1992Stoke-on-Trent NorthSigned
Alan Wynne Williams11/03/1992CarmarthenSigned
Tom Pendry12/03/1992Stalybridge & HydeSigned
Calum MacDonald12/03/1992Na h-Eileanan an IarSigned
Dale Campbell-Savours12/03/1992WorkingtonSigned
Peter HardyUnknownWithdrawn

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